How would you like a guaranteed 8.25% return on your money? That's what a New York City teachers' savings plan guarantees that has actuaries scratching their heads. The only problem, it's the City's Taxpayers that give the guarantee, courtesy of the folks in Albany passing a law to allow it. Of course, the law was slipped through with practically no notice. . . At least we don't live in NYC, but it shows you how easily these things happen.
Double dipping administrators with six-figure pensions are becoming as common as the dandelions on my lawn. Why does this happen?
"It's a closed shop," said Sen. Dean Skelos, R-Rockville Centre.